Sarasota Realtor Magazine - September 2011

SEPTEMBER 2011

The Official Monthly Publication of the Sarasota Association of Realtors速

International Report

Sarasota: World-Class Destination See Page 6

Finding the right home is easy

when you know where to look.

Ask about our 2011 REALTOR® incentive program!

The Isles on Palmer Ranch S AR A S OTA

DiVosta designs neighborhoods with everything

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your clients want, right where they want to be.

IslandWalk at the West Villages N OR T H P OR T

first look at their next home.

From the $170s / 1,392-2,611 sq. ft.

2-4 bedrooms, 2-3.5 baths Lap pool and tennis courts Resort center that will feature lagoon pool, activity and craft rooms, fitness center, library, bocce ball, basketball and more 13575 Salinas Street | Venice, FL 34293

And with six DiVosta communities throughout Florida, your clients’ biggest challenge is to discover which one is just right for them. Come visit us soon. Your clients might be taking the

866-210-3134 | divosta.com

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. *Prices listed are base prices, do not include lot premiums or options, and are subject to change without notice. Community Association fees required. This material shall not constitute a valid offer in any state where prior registration is required or if void by law. Photographs are for illustrative purposes only and are not intended to be an actual representation of a specific community, neighborhood, or any completed improvements being offered. Please see a sales associate for details. CGC1505166 ©2011 Pulte Home Corporation. All rights reserved. 8/11

ORA STA

If you’re ready to stop dreaming,

we’re ready to start building.

Ask about our 2011 REALTOR® incentive program!

STONEHAVEN SARASOTA FROM THE $110s

• 1,036-1,993 sq. ft • 2-3 Bedroom Condos with Garage • Convenient Location, Gated Entry and Neighborhood Pool

g

e.

VENETIAN FALLS

ut

o

VENICE FROM THE $170s

e

• 1,448-2,165 sq. ft.

e

• 2-3 Bedroom Villas and Single Family Homes

ND TO

Like many people, your clients might think a new home is out of reach. But we’ll guide them through the homebuilding process, taking the worry out of every step. So if your clients are ready to stop dreaming about a home, we’re ready to build them one. Centex. Put yourself in a better place™

• Clubhouse, Resort Pool, Fitness Center and More

RIVERWOOD PORT CHARLOTTE FROM THE $150s • 1,557-3,193 sq. ft.

• 2- 4 Bedroom Carriage Homes and Single Family Homes • Clubhouse, Golf Course, Beach Club and More

centex.com | 866.290.9091 ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.

Prices listed are base prices, do not include lot premiums or options, and are subject to change without notice. Community Association fees required. This material shall not constitute a valid offer in any state where prior registration is required or if void by law. Photographs are for illustrative purposes only and are not intended to be an actual representation of a specific community, neighborhood, or any completed improvements being offered. Please see a sales associate for details. CBC057850 ©2011 Centex Homes. All rights reserved. 8/11

Contents

Sarasota Realtor® Magazine Volume 8, Issue 9 SEPTEMBER 2011

Sarasota Association of Realtors®, Inc.

6

World-Class Community

International real estate buyers have brought more dollars

2011 SAR Officers

into Florida and the Sarasota area during the past year, thanks

in large part to our natural and cultural amenities.

President Michael Bruno Prudential Palms Realty

9

Stay Safe

September is Realtor® Safety Month, and once again we offer

our members some advice on how to remain watchful and

vigilant in a sometimes risky occupation.

Volume 8 • Issue 9 •SEPTEMBER 2011

10 RPAC Support

President-Elect Laura Benson Michael Saunders & Company Secretary Dave Swenson EXIT Creative Realty Treasurer Roger Piro Town & Country Realty Immediate Past President Erick Shumway RE/MAX Alliance Group Chief Executive Officer Kathy Roberts

SAR salutes the major contributors to RPAC in 2011, and

thanks all of our members who have contributed to the

worthy cause of the Realtor® Party.

Mission Statement The mission of the Sarasota Association of ® Realtors is to advance members’ professionalism through delivery of education and resources while upholding the Realtors® Code of Ethics.

12 Trusts and Homesteads

We are committed to be the leading advocate of real estate in the communities we serve by protecting private property rights and expanding relationships with individuals and organizations both locally and worldwide.

Sarasota County Property Appraiser Bill Furst explains

how different types of ownership or beneficial interests

may impact Homestead Exemptions.

15 Inventory Drops

The July 2011 statistics in the Sarasota market are in, and sales

were stronger this year than last July, and the inventory of available

properties reached a new low level for the past decade.

In every issue 15- Sales and Listing Statistics

24- On the SAR Scene

Visit SAR on Facebook at www.facebook.com/SarasotaRealtors See a few of the photos this month on Page 24!

28- WCR

Director of Information Technology Jesse Sunday Director of Professional Development Catherine McCaskill Governmental Affairs Director Marc Mansfield

Subscriptions: The annual dues of every member of the Sarasota Association of Realtors®, Inc., includes a one-year subscription to Sarasota Realtor ® magazine.

A yearly subscription for Sarasota Realtor ® magazine is available to non-members for $25, plus Florida sales tax.

Editorial ideas and manuscripts are welcome. Byline articles and columns express the opinions of the writers and do not necessarily reflect the policies or sentiments of the Sarasota Association of Realtors®, Inc. All submitted copy is subject to editing.

2011 Copyright© by the Sarasota Association of Realtors®, Inc. All rights reserved. Reproduction in whole or in part without written permission is prohibited.

30- Membership

SEPTEMBER 2011

Director of Membership and Administrative Services Dan Andrews

Sarasota Realtor® Advertising: For information on advertising rates and deadlines, contact Ray Porter at 941/328-1168 or ray@sarasotarealtors.com.

12- Property Appraiser

20- Education Programs

Editorial Staff

Production Coastal Printing, Inc.

10- Governmental Affairs

18- Commercial Investment Division

Sarasota Realtor® is published monthly by the Sarasota Association of Realtors® Inc.

Director of Communications Ray Porter

32- Calendar of Events/Education 4

3590 South Tuttle Avenue Sarasota, Florida 34239 Phone: 941/923-2315 FAX: 941/923-0191 www.sarasotarealtors.com www.facebook.com/SarasotaRealtors

Sarasota Realtor® Magazine

www.sarasotarealtors.com

SAR annual meeting slated Sept. 16th The Sarasota Association of Realtors® will hold the Annual Membership Meeting on Friday, Sept. 16th at noon at Troyer’s Dutch Heritage Restaurant, 3713 Bahia Vista Street, Sarasota.

Lunch and networking will begin at noon. Call to Order for the business portion of the meeting is 12:20 p.m.

The annual SAR business meeting will include the election of SAR’s 2011 Officers and Directors and approval of an amendment to the Bylaws, followed by committee reports.

The luncheon cost is $13.50, and you must register online prior to Sept. 15th. All SAR members are invited and encouraged to attend. A quorum of 50 Realtors® is required.

KNOW YOUR OPTIONS Short Sales Foreclosures Bankruptcy

Tech Expo coming in October Join more than 300 Realtors® and 50 exhibitors at the SAR Tech Expo on Friday, Oct. 28 at the exciting new Sarasota County Technical Institute (SCTI). Keynote speakers are nationally-known Amy Chorew and Verl Workman.

There will be breakout sessions galore and some sessions will be hands-on. Sessions will include: Using Top Producer to Manage Your Contacts; Using Social Media; Smart Phone Technology—the Latest and Greatest; Understanding the Emerging Tablet Market—Which One’s Right For You?; Google Docs—How Can They Work For You? Search Engine Optimization—Make Sure Your Web Site Gets Noticed; Blogging for Profit—The Do’s and Dont’s of Blogging; How to Become a Paperless Agent in Today’s Real Estate World; and much more!

Lunch is included for the low earlybird registration fee of $20.

Exhibitors and sponsors, please contact Catherine McCaskill at 941-328-1167. Exhibit booths start at $250.

Gina Damico: SAR Affiliate of the Month for September 2011 Gina Damico, Certified Mortgage Planning Specialist with Liberty First Mortgage, is the SAR Affiliate of the Month for September 2011.

Gina has recently partnered with George Delong of Liberty First Mortgage. Gina and George have combined mortgage experience of over 35 years.

Liberty First Mortgage is affiliated with a variety of lenders to assist the buyer with Conventional, VA, FHA, USDA, HomePath mortgages, Condominium, and Gina Damico jumbo financing.

Further information can be found on the Gina’s web site: www.ginadamico.com You can reach Gina at 941-487-8858, or by email at: gina@ginadamico.com

Call 941-366-1300 For A

FREE CONSULTATION Jefferson F. Riddell, Esq. (Board Certified Real Estate Attorney) Cynthia A. Riddell, Esq.

Riddell Law Group R L G

3400 S. Tamiami Trail, Sarasota, Florida www.rlglawfirm.com The hiring of a lawyer is an important decision that should not be based solely upon advertisements.

Before you decide, ask us to send you free, written information about our qualifications and experience.

Cover Story

World-Class

t

Sarasota attracts a global real estate buying crowd The global marketplace has arrived, particularly in the real estate industry. While all real estate is local, not all property buyers are, NAR research reveals. A significant and growing share of home purchases are made by people whose primary residence is outside of the United States.

Did you know that of the approximately $1.07 trillion in existinghome sales between March 2010 and March 2011, approximate $41 billion dollars-worth were purchased by foreign buyers. In addition, recent immigrants—those who have moved to the U.S. within the past 2 years—and individuals with visas for more than 6 months, purchased an additional $41 billion. Therefore, total purchases by foreign or foreign-born buyers were $82 billion, up from $66 billion reported in 2010.

International real estate is bigger than ever, and local practitioners who have entered this growing field are finding that the marketplace is strong and robust. Clearly, the Sarasota area is one of the landing points for international arrivals who are seeking to purchase property, in many cases at decade-low prices.

According to the April 2011 report from NAR, 28 percent of Realtors® reported experience with an international client, but only 4 percent of Realtors® reported that they obtained more than 75 percent of their transactions from international clients. There appears to be significant Realtor® specialization on the buyer’s side of the market, based on foreign language capabilities, cultural orientation, and expertise in bringing an international transaction to successful conclusion.

“The strength of the dollar, perceptions about trends in the U.S. real estate markets, and general economic trends impact international transactions and home sales,” the report noted. “International buyers came from a total of 70 countries; the top five (Canada, Mexico, China, U.K., and India) accounted for 53 percent of transactions.

Most states had at least one international transaction, but four states—Arizona, California, Florida, and Texas—accounted for 58 percent of transactions.”

We’ve already noted that international property sales accounted for $82 billion, a big and growing percentage of the residential market.

And Sarasota, with its amazing geographic, cultural and real estate attributes, is a big market for the international buyers.

The NAR study shows that cultural affinity with the buyer appears to be very important in obtaining international clients. A variety of sources indicate that knowledge of international customs, languages, and culture are important in facilitating sales on the buyer side of the market. Frequently a Realtor® will have language capabilities and personal ties to the country of the prospective purchaser.

From a marketing viewpoint, Realtors® on the seller side of the transaction may find that knowledge of the prospective purchaser’s national customs and culture also may facilitate the transaction. But Continued on P. 8, See WORLD-CLASS

6

SEPTEMBER 2011

Sarasota Realtor® Magazine

Great Global News!

Coming in late 2011, Realtor.com® is launching its global site, expanding the exposure of U.S. and Canada listings to international markets and offering international listings, translation services, and area/currency conversion.

This benefit is included in members’ annual NAR dues—there is no added charge.

• True global exposure—nearly 800,000 international web site visitors each month. The launch of the global site increases the visibility of the site around the world and allows the millions of Americans buying abroad to view property listings in a familiar format.

• Customized experience—buyers from all over the world will be able to view properties in their preferred format—language, currency, and units of measurement.

• For the first time, property listings from outside the U.S. and Canada will be available, providing more opportunities for global business than ever before.

• Listings from all over the world will be available in eight languages, with area and currency conversion features to make browsing easier for consumers no matter where they reside.

• All for-sale and rental listings will be displayed on the International site.

• Consumers will be able to search listings in the following eight languages: English, French, Spanish, Portuguese, Italian, German, Dutch, Chinese.

• Visitors’ language, measurement, and currency preferences can be saved as a default to facilitate future visits.

• Visitors will have a choice to search by city name or map search, using a drill-down feature to select a geographical region—no longer will a visitor need to know the distinctions between Hoboken, N.J., and New York City to get the results he/she seeks.

www.sarasotarealtors.com

International Congress planned Sept. 14-15 Don’t miss the 5th Annual Sarasota International Real Estate Congress, set for Sept. 14-15 at the Hyatt Regency Sarasota, 1000 Boulevard of the Arts, Sarasota, FL. This year’s theme is “It’s Time to Go Global!”

Attendees will be able to: - Listen to the experts.

- Explore new techniques, products and services.

- Consider tried and tested approaches.

- Receive tips to build a successful international business!

This year’s keynote speaker will be Allan Dalton, Chief Marketing Officer, RISMedia. His address will be entitled “Real Estate’s Universal Language.”

In this fast-paced and action-oriented keynote address, Dalton will convincingly convey what unites consumers and real estate professionals worldwide, both off- and on-line. The former CEO of Realtor.com will share proven strategies that will help both agents and brokerages of all sizes to increase market share.

Other topics will be presented by a diverse group of authoritative international brokers, builders and global marketing experts. These will include: - “The State of Real Estate in Florida” - Panel moderated by Harold Bubil, Sarasota Herald-Tribune Real Estate Editor - “Converting International Residential Buyers to Commercial Investors” - Anthony Homer, Lakewood Ranch

www.sarasotarealtors.com

Commercial Realty LLC. We are seeing a huge increase in residential investment from overseas. How can Realtors® build upon that and guide those investors towards larger commercial investments?

- “International Luxury Home Buyers” - Panel of Top Producers from Top Markets. The market for high end properties has improved significantly, supported by an influx of cash from other countries. Learn from successful luxury agents how they have targeted this foreign money and channeled it to their listings.

- “Building a Resort & Second Home Business in a Down Market” - Jim Dague, CRS, SFR, SRES, Las Vegas, NV Hear from an expert in selling resort properties. Why will the market continue to flourish even in times of economic downturn?

Our sponsors are: • Lakewood Ranch Communities—Silver • My Florida Regional MLS--Silver • Neal Communities—Silver • Academy Mortgage—Bronze • Kerkering Barberio & Co.—Bronze • Moneycorp—Bronze • Royal Bank of Canada (RBC)—Bronze • Norma Henning, Esq., Salvatori, Wood, & Buckel-Bronze

Sarasota Realtor® Magazine

SEPTEMBER 2011

7

WORLDCLASS From Page 6

Realtors® on the seller side of the market appear to encounter international customers on an infrequent basis, given that international sales are less than three percent of the total market.

With all of this potential international business, wouldn’t it make sense to at least meet and mingle with the people who have successfully ventured into this potentially lucrative realm?

Prepare yourself to present opportunities to domestic and foreign buyers looking to invest in vacation or future retirement properties in your local market. Become a participant in the 5th Annual Sarasota International Real Estate Congress, set Sept. 14-15 (see article on P. 7).

What do you need to know in order to successfully close the transaction? Are your promotions attracting foreign buyers? Do you know how to bring investors and international buyers in your market? Are you prepared to assist your U.S. buyers when they ask about finding properties abroad?

You’ll find the answers through participation in the Congress and the local SAR Global Business Council.

The typical international buyer purchased a single-family vacation home costing $315,000, according to a recent NAR report. An estimated 62 percent paid for their U.S. property with cash, compared with only 7 percent for all domestic buyers.

The typical international owner stayed at his or her U.S. property for 2.6 months during the year, according to the NAR findings.

International buyers are distinct from domestic buyers, in that they tend to purchase more expensive properties, which cost an average of 36 percent more than the typical domestic buyer’s home purchase. In fact, a recent study showed more than 14 percent of properties sold to international buyers sold at higher than $750,000. Foreign buyers also show a greater preference for condos and townhouses compared to domestic buyers.

Clearly, there is a major incentive for local real estate agents to look at the potential international market in order to increase business. The SAR Global Business Council is the place to start This year has been an amazing year for the newly formed Global Business Council, which was formerly the SAR

8

SEPTEMBER 2011

International Council.

To date, more than 70 members have signed up, and the Council expects more than 100 members by the end of the year. GBC members must be Realtor® members or Affiliate members of SAR. At an annual membership fee of $25, this is very affordable.

In addition to attending the GBC seminars and any networking events for no charge, Council members also have their name, contact information and languages spoken listed on the SAR website under both the RE Specialties (International) link and Members tab.

This year, SAR is looking at both Immobel.com and ProxioPro.com as an international resource for all of the SAR agents. There will be demonstrations in the fall of 2011 to determine which has the best resources for agents. A decision will be made once we see the present and future plans for both of the websites.

On September 27th, the Global Business Council is having their first Annual Membership meeting. Location and speaker will be announced soon, so watch for it in your weekly emails, and on the SAR web site (and Facebook page). Membership pins will be handed out to all Council members at this event.

The Council is also planning a TRC (Transnational Referral Certification) and a Diversity Course to be held at SAR on November 2nd. The TRC is no longer an NAR certification; however, ICREA is still offering the TRC as a certification to all international agents.

The Transnational Referral Form is used by TRCs worldwide to guarantee being paid a commission in an international real estate transaction.

The Global Business Council has had a very productive year and has worked to encourage all Sarasota agents to get involved in the international market.

“The global buyers and the out–of-state buyers are a large part of our market,” noted Council Chair Krtsin Triolo. “As a Council, we would like to have all Sarasota agents expand their market outside of the Sarasota/Gulf Coast area of Florida.”

International - it’s truly where the marketplace is growing!

Sarasota Realtor® Magazine

www.sarasotarealtors.com

September is Realtor® Safety Month Editor’s note: Throughout the month of September, we will provide Realtor® safety articles in our Weekly Update. We’ve also posted extensive information on the Sarasota Association of Realtors® web site under Hot Topics. The articles published on the web site were provided by the National Association of Realtors®, and are intended to inform our membership.

Risk is part of the everyday life of a real estate professional. But there are some valuable tips you can learn and precautions you can take to reduce the risk substantially, and make your life safer.

Knowledge. Awareness. Empowerment. These are the core components of Realtor® Safety. And helping our members understand the risks they face can mean the difference between life and death.

As part of SAR’s and NAR’s ongoing efforts to keep our members safe, we dedicate one week each September to kick off safety efforts. But this is just the start of our commitment to empowering our members.

Realtors® should be reminded of the dangers they face every day. They must stay aware of their surroundings, and become empowered with precautions and preparations so they can avoid risky situations. To this end, NAR has developed an online Realtor® Safety Resources Kit and has planned a variety of refreshers throughout the year, including: • New webinars on Realtor® Safety, presented by industry experts.

• Quarterly safety messages focusing on seasonal tips for on the job and at home, sent by NAR to local Associations and brokers to share with members.

• Expansion of client safety materials and resources Every day, Realtors® across the nation put themselves in positions where they can be victims of dangerous crimes.

Whether it’s putting up signs along the highway or showing a house to a prospective buyer, their personal safety is often at stake. Yet, most Realtors® don’t think about the potential dangers until it’s too late.

Empowering Realtors® to recognize risks and protect themselves — both on the job and off — can make the difference between life and death. We must work together to keep our members safe and successful.

Inattention is one of the main reasons people find themselves in dangerous situations. Take a few precious seconds during the course of your day to assess your surroundings.

Take 2 seconds when you arrive at your destination.

• Is there any questionable activity in the area?

• Are you parked in a well-lit, visible location?

• Can you be blocked in the driveway by a prospect’s www.sarasotarealtors.com

vehicle?

Take 2 seconds after you step out of your car.

• Are there suspicious people around?

• Do you know exactly where you’re going?

Take 2 seconds as you walk toward your destination.

• Are people coming and going or is the area unusually quiet?

• Do you observe any obstacles or hiding places in the parking lot or along the street?

• Is anyone loitering in the area?

Take 2 seconds at the door.

• Do you have an uneasy feeling as you’re walking in?

• Is someone following you in?

Take 2 seconds as soon as you enter your destination.

• Does anything seem out of place?

• Is anyone present who shouldn’t be there or who isn’t expected?

10 seconds TOTAL! Taking in your surroundings lets you spot and avoid danger.

Make it a habit. Then share it with someone else.

Visit SAR Realtor® Store The SAR Realtor® Store is now offering various safety items for sale. Just visit the store at 3590 S. Tuttle Ave., Sarasota, and ask Jackie Deemer about the latest store offerings.

One of the items is a personal stun gun, which resembles a smart phone or MP3 player in size and shape but packs an electrical jolt that will disable most attackers in an instant.

Also available is a very loud whistle, which can be used to distract and disorient an attacker, plus alert nearby good citizens of your distress.

Safety is everyone’s business, so please be alert and watchful!

Sarasota Realtor® Magazine

SEPTEMBER 2011

9

Governmental Affairs

r

SAR salutes major donors to RPAC in 2011

By Marc Mansfield Governmental Affairs Director

RPAC’s Major Donor Program consists of an elite group of Realtor® contributors who partner with NAR, Florida Realtors® and SAR to shape the political future for the real estate industry. RPAC is the only political group in the country organized for Realtors®, run by Realtors® and exists solely to further issues important to Realtors®.

On behalf of the Sarasota Association of Realtors® we thank these individuals shown below for their dedication and continued support of RPAC. For information on how you can become an RPAC major donor please contact RPAC Committee Chair Greg Sheller at greg@gregsheller.com or Marc Mansfield –marc@ sarasotarealtors.com

Clark Toole, Coldwell Banker Real Estate - Golden R

Clark Toole was named President of Coldwell Banker Residential Real Estate in May 2007. In this role, he oversees all operations of 83 offices and nearly 4,600 sales associates in Central Florida, Palm Beach, Southeast Florida, Southwest Florida and Tampa Bay regions. He also oversees the commercial real estate division. Previously he was Regional President of Coldwell Banker, Residential Real Estate in Tampa Bay and Sarasota. Clark began his real estate career in Florida in 1975 selling homes to finance his pursuit of an MBA in real estate and marketing.

Bill Furst, William C. Furst Real Estate – Golden R President’s Circle

Currently the elected Sarasota County Property Appraiser, Bill has over 37 years of experience in the Florida Real Estate industry as a Real Estate Broker, Building Contractor and Mortgage Broker. Bill has been active with local, state and National Association of Realtors®. He is a past President of the Sarasota Association of Realtors®, the current Secretary of the Florida Realtors® and has served on the Board of Directors at the National Association of Realtors® since 1966. Bill holds a Coast Guard captains license, is also a pilot and an avid runner, having completed three Boston Marathons.

Michael Bruno, Prudential Palms Realty -Sterling R

Originally from Milwaukee, Wisconsin, Mike spent 16 years as a retail executive in both department and discount store merchandising in Wisconsin and Connecticut. While in Connecticut, he obtained his real estate license and relocated to Sarasota and joined the Sarasota Association of Realtors®. He is a real estate agent

10

SEPTEMBER 2011

with Prudential Palms Realty, where he is a consistent top producer. He currently serves as President of SAR and also serves on the Florida Realtors® Board of Directors and the National Association of Realtors® Board of Directors.

Michael is also a graduate of the Florida Realtors® Leadership Academy.

Judy Schomaker, RE/MAX Platinum Realty - Sterling R

Judy Schomaker is a licensed Broker and has been involved in real estate since 1999. She holds the following designations: ABR, CRS, GRI, LHMS, PMN, RSPS, SFR and TRC. Judy was named District 13 Vice President in 2010 and the National Association of Realtors® President Liaison to Spain from 2004 to the present.

She is a Past President of SAR, WCR and was named SAR Realtor® of the Year in 2010. She has also served on the Florida Realtors® Board of Directors from 2000 to 2011 and is a graduate of Florida Realtors® Leadership Academy.

Greg Sheller, RE/MAX Alliance Group – Sterling R

Greg Sheller is an international marketing specialist and is well known in the real estate community for his outstanding work in many of Sarasota’s landmark developments.

His thirty years experience in both residential and commercial real estate has given him a solid background in every area of buying and selling property. Greg is in the top 3% of his profession and has qualified as a member of RE/MAX Chairman’s Club and RE/MAX Hall of Fame. He is also President/CEO of Eurostructures International Ltd., a United Kingdom based real estate development, financing and manufactured housing company active in Eastern Europe, the Philippines and Florida.

Kathy Roberts, Sarasota Association of Realtors® – Capitol Club

Kathy Roberts is CEO of the Sarasota Association of Realtors®.

She holds the designation of Realtor® Association Certified Executive (RCE) from the National Association of Realtors®, one of only 395 in the nation.

Before becoming the CEO of SAR, she was the Chief Operating Officer of the Realtor® Association of Greater Miami and the Beaches and prior to that was the CEO of the Wichita (KS) and Topeka (KS) Board of Realtors® for 10 and 17 years respectively, with similar responsibilities to her position at SAR. She received her BS degree from Friends University and the Duke University Certificate for Nonprofit Management.

Sarasota Realtor® Magazine

www.sarasotarealtors.com

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Property Appraiser

Trusts and Homestead eligibility: How does it relate to you?

i

By Bill Furst, GRI, CRS, CRB Sarasota County Property Appraiser

TRUSTS AND HOMESTEAD ELIGIBILITY

In March, 2010 we published an article in these pages describing how In March, 2010 we published an article in these pages describing how different types of different types of ownership or beneficial interest influence eligibility ownership or beneficial interest influence eligibility for the Homestead Exemption. However, for the Homestead Exemption. However, because we’ve recently because we’ve recently received a flurry of questions asking if and how a beneficiary of a trust received a flurry of questions asking if and how a beneficiary of a trust would qualify for the homestead exemption, we decided to revisit the topic as it relates to would qualify for the homestead exemption, we decided to revisit the revocable and irrevocable trusts, qualified personal residence trusts, unrecorded business trust topic as it relates to revocable and irrevocable trusts, qualified personal organizations, land trusts, and trusts for the benefit of an IRA account. residence trusts, unrecorded business trust organizations, land trusts,

and trusts for the benefit of an IRA account.

Legal title to property owned by a trust is vested in the trust. In order for an otherwise qualified person who is a beneficiary of a trust to claim the Homestead they must be granted a beneficial Legal title to property owned by a trust is vested in the trust. In interest and possessory right to the real property under the terms of the trust and present order for an otherwise qualified person who is a beneficiary of a trust recorded proof of that interest and right to the Property Appraiser. to claim the Homestead they must be granted a beneficial interest

and possessory right to the real property under the terms of the trust Revocable and Irrevocable Trusts: In the case of an existing Homestead, if the property is and present recorded proof of that interest and right to the Property transferred to a trust, and the grantor/homesteader is named in the deed as trustee of the Appraiser. trust/grantee, the homestead will continue without any further action by the person claiming the exemption. In the case of a new homestead, if the deed shows the qualified applicant as the Revocable and Irrevocable Trusts: In the case of an existing trustee, no additional paperwork beyond the application is required. If the existing homesteader Homestead, if the property is transferred to a trust, and the grantor/ or new applicant is not named as trustee/grantee a separate Grant of Beneficial Interest and homesteader is named in the deed as trustee of the trust/grantee, the Possessory Right must be recorded with the Clerk of the Court in order for the property to homestead will continue without any further action by the person support a homestead exemption, (a sample form is available on our website, www.SC‐PA.com claiming the exemption. In the case of a new homestead, if the deed under the Download Forms link). Typically, the beneficial interest and possessory right is for the shows the qualified applicant as the trustee, no additional paperwork life of the beneficiary. beyond the application is required. If the existing homesteader or new

applicant is not named as trustee/grantee a separate Grant of Beneficial Qualified Personal Residence Trusts: Also called QPRTs, these trusts grant a beneficial interest and Interest and Possessory Right must be recorded with the Clerk of the possessory right to a beneficiary for a number of years. Up until 1995, Florida did not permit beneficiaries of QPRTs to claim a homestead. In that year the Third District Court of Appeal ruled Court in order for the property to support a homestead exemption, (a that beneficial title for a number of years supported the Homestead exemption. As mentioned sample form is available on our website, www.SC-PA.com under the above, if the interest and possessory right of the beneficiary is not recited in the deed a separate Download Forms link). Typically, the beneficial interest and possessory document must be recorded with the Clerk of the Court. At the end of the term of the trust the right is for the life of the beneficiary. homestead exemption will end.

Qualified Personal Residence Trusts: Also called QPRTs, these

trusts grant a beneficial interest and possessory right to a beneficiary for Unrecorded Business Trust Organizations: Also called a UBTO, such an entity holds legal title to a number of years. Up until 1995, Florida did not permit beneficiaries the property but may grant a beneficial interest and possessory right to a beneficiary by of QPRTs to claim a homestead. In that year the Third District Court recording, with the Clerk of the Court, the minutes of a meeting of the Board of Directors of the organization in which the grant is adopted. If the beneficiary is otherwise qualified he or she may of Appeal ruled that beneficial title for a number of years supported be granted the homestead exemption. the Homestead exemption. As mentioned above, if the interest and

possessory right of the beneficiary is not recited in the deed a separate Land Trusts: Under the laws of the State of Florida, legal and beneficial interest in a land trust is document must be recorded with the Clerk of the Court. At the end of vested with the trust. Any beneficial interests and possessory rights granted to a beneficiary by a the term of the trust the homestead exemption will end.

Land Trust are considered personal property and are not eligible for a Homestead exemption. It is Unrecorded Business Trust Organizations: Also called a UBTO, not unusual for such a trust to be established to preserve the anonymity of the person residing on such an entity holds legal title to the property but may grant a the property. If that person wishes to apply for the Homestead a Grant of Beneficial Interest and Possessory right would have to be recorded with the Clerk of the Court. However, if a trustee of a beneficial interest and possessory right to a beneficiary by recording, land trust is also the beneficiary, because the trustee has both legal and beneficial interest, the with the Clerk of the Court, the minutes of a meeting of the Board For more qualified beneficiary could be entitled to the Homestead Exemption. of Directors of the organization in which the grant is adopted. If information, the beneficiary is otherwise qualified he or she may be granted the contact the Trusts for the Benefit of an IRA Account: This is a relatively new wrinkle in the Homestead/Trust homestead exemption.

Property relationship. IRA’s can only be funded by money, but the IRA may invest in certain property, Land Trusts: Under the laws of the State of Florida, legal and including real estate. However, the interest in that real property is vested in the custodian or Appraiser’s office beneficial interest in a land trust is vested with the trust. Any beneficial trustee of the IRA account, not in the beneficiary/account owner. The IRS explicitly states that use at 941.861.8200. of such property by the beneficiary/account owner is a “prohibited transaction”. If the interests and possessory rights granted to a beneficiary by a Land Trust 12

beneficiary, or a member of their family, (spouse, ancestor, lineal descendant or spouse of lineal descendant), uses the property at any time during the year, the account stops being an IRA as of the first day of that year. The result is that all assets are considered distributed at their fair SEPTEMBER 2011 Sarasota Realtor® Magazine market values on the first day of the year. The tax implications can be dire, including possible capital gains taxes. Beneficiaries of such trusts do not qualify for homestead exemption.

As we’ve said previously, many factors play a role in choosing how to take title to real property.

You and your clients and customers should definitely consult with an attorney.

Rules and Statutes Governing Trusts and Exemptions

§196.031(1)(a) F.S.: Every person who, on January 1, has legal title or beneficial title in equity to real property in this state and who resides thereon and in good faith makes the same his or her permanent residence is entitled to a homestead exemption…The property appraiser may request the applicant to provide additional ownership documents to establish title.

§196.041(2) F.S.: A person who otherwise qualifies for the homestead exemption shall be entitled to such exemption where the person’s possessory right in such real property is based upon an instrument granting to him or her a beneficial interest for life, such interest being hereby declared to be “equitable title to real estate.”

Chapter 12D‐7.008(1), FAC: The Constitution requires that the homestead claimant have the legal title or beneficial title in equity to real property claimed as his tax exempt homestead. §196.031 F.S. requires that the deed or other instrument to homestead property be recorded in order to qualify for homestead exemption.

Chapter 12D‐7.011 FAC: The beneficiary of a passive or active trust has equitable title to real property if he is entitled to the use and occupancy of such property under the terms of the trust; therefore, he has sufficient title to claim homestead exemption. Homestead tax exemption may not be based upon residence of a beneficiary under a trust instrument which vests no present possessory right in such beneficiary.

Other references and resources:

Chapter 689.07 F.S. Conveyances of Land and Declarations of Trust: Interests under deeds or other instruments; under the Florida Land Trust Act; and real estate interests under an IRA or qualified plan.

Attorney General Advisory Legal Opinions: AGO 74‐313 (Inter Vivo Trusts and Homestead), AGO 90‐70 (Beneficial Interest and Homestead), AGO 2008‐44 (Land Trusts, Qualified Personal Residence Trusts and Homestead).

IRS Publication 590, Individual Retirement Agreements, Prohibited Transactions, p 44.

NEED A SPEAKER FOR YOUR www.sarasotarealtors.com MEETING? BILL FURST WILL COME AND TALK WITH YOUR GROUP AND ANSWER YOUR QUESTIONS. WANT MORE INFORMATION ON

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As we’ve said previously, many factors play a role in choosing how to take title to real property. You and your clients and customers should definitely consult with an attorney.

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are considered personal property and are not eligible for a Homestead exemption. It is not unusual for such a trust to be established to preserve the anonymity of the person residing on the property.

If that person wishes to apply for the Homestead, a Grant of Beneficial Interest and Possessory right would have to be recorded with the Clerk of the Court. However, if a trustee of a land trust is also the beneficiary, because the trustee has both legal and beneficial interest, the qualified beneficiary could be entitled to the Homestead Exemption.

Trusts for the Benefit of an IRA Account: This is a relatively new wrinkle in the Homestead/Trust relationship.

IRA’s can only be funded by money, but the IRA may invest in certain property, including real estate. However, the interest in that real property is vested in the custodian or trustee of the IRA account, not in the beneficiary/account owner. The IRS explicitly states that use of such property by the beneficiary/account owner is a “prohibited transaction”.

If the beneficiary, or a member of their family, (spouse,

ancestor, lineal descendant or spouse of lineal descendant), uses the property at any time during the year, the account stops being an IRA as of the first day of that year. The result is that all assets are considered distributed at their fair market values on the first day of the year. The tax implications can be dire, including possible capital gains taxes. Beneficiaries of such trusts do not qualify for homestead exemption.

As we’ve said previously, many factors play a role in choosing how to take title to real property. You and your clients and customers should definitely consult with an attorney.

Need a speaker for your meeting? I will be glad to talk with your group and answer your questions.

Want more information on navigating our web site? Our GIS/IT Department is available for demonstrations and discussions.

To make an appointment, please call our office at 941.861.8200 or email us at PA@SC-PA.com.

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Sarasota Realtor® Magazine

SEPTEMBER 2011

13

Debt ceiling pact: How will it impact real estate?

The debt ceiling agreement signed into law on August 2, 2011 has no direct impact on real estate tax rules or spending provisions. No tax laws of any kind were changed, nor were any housing programs cut. The debt ceiling bill means a default has been averted – for now.

The legislation increases the debt ceiling in two steps. The first is automatic through the end of the year. The second increase is contingent on (a) votes on a balanced budget amendment in both House and Senate, (b) report of the “Super Committee” (see below) and (3) a unique procedure in which Congress disapproves the second increase. The President would then veto the disapproval motion, thus allowing the second step of the debt ceiling increase to occur.

The legislation provides very broad dollar targets for overall spending reductions over 10 years, through 2021.

The broad categories of reduced spending are defense and some so-called “discretionary” domestic spending. Beyond the target dollar amounts, no specifics are provided. Thus, the various committees of jurisdiction will determine what particular programs will be cut and by what amounts. The agreement therefore has no direct effect on authorizations or appropriations related to any particular program.

Even though the package has no revenue provisions and makes no changes to MID, carried interest or any other tax/ revenue rule, the real estate industry is not out of the woods yet. In fact, new authority has been created that could make it easier for Congress to make tax law changes.

The Super Committee is directed to identify up to $1.5 trillion in additional deficit reductions over 10 years. These may be either spending cuts or revenue increases. Failure to achieve agreement on the $1.5 trillion target means that automatic spending cuts will be triggered.

A compressed timetable for the Super Committee’s action is designed to assure that the additional deficit reductions needed to move the second phase of the debt ceiling increase are achieved before the end of 2011. The schedule is tight, with significant penalties for failing to meet the prescribed targets.

The next 100 days could be the most important part of the battle over Mortgage Interest Deduction and Carried Interest.

NAR will be actively engaged in lobbying Congress and will be reaching out to state and local associations, as well as Realtor® members directly. Stay tuned!

Programs critical to Realtors® expire on Sept. 30th

Without Congressional action, two programs of vital importance to the real estate business will sunset on Sept. 30, 2011. The end of the current extension of the National Flood Insurance Program (NFIP) and the lowering of FHA and GSE loan limits could create a significant disruption in a housing market struggling toward recovery. It is imperative that Realtors® remind their Members of Congress on how important these issues are for a fragile housing market.

The National Association of Realtors® has launched two Calls for Action on www.RealtorActionCenter.com encouraging Realtors® to contact their Member of Congress urging them to pass a five year National Flood Insurance Program extension and to keep the FHA and GSE loan limits at the current levels. Additionally, NAR brought Federal Political Coordinators from across the nation to Washington, D.C. to participate in direct talks with key Senators and Representatives.

Reauthorizing the NFIP Nationally, this program is the only

14

SEPTEMBER 2011

source of flood-damage protection for 5.6 million home and business owners.

Since September 2008, Congress has approved nine NFIP extensions and allowed five lapses. During the most recent lapse in June 2010, 47,000 home sales were delayed or cancelled.

Real estate markets require certainty to make the long-term investments that are vital to the U.S. economic recovery.

NAR is urging Congress to reauthorize the NFIP long-term to ensure access to affordable flood insurance and end the uncertainty of extensions and shutdowns which hurt the housing market.

Due to Realtors® participation in the call for action and fly-in, on July 12th the U.S. House of Representatives passed a 5-year reauthorization of NFIP by a vote of 406-22. While the Senate still needs to take action, this is a major step forward. Realtors® now need to focus on getting their Senators to pass this critical piece of legislation.

FHA and GSE Loan Limits Unless Congress acts, on October 1st the mortgage loan limit formula

Sarasota Realtor® Magazine

and cap will fall. This could cause a significant drop in housing prices in more than 669 counties in 42 states and the territories.

NAR estimates the average decline to be more than $68,000. Changing the formula for the loan limits (from 125% to 115% of median home price) and lowering the cap means that some 5 million homes—roughly 27% of all owner-occupied homes in the United States—will become ineligible for mortgage financing, since there is little to no private mortgage financing available. NAR is urging Congress to support an extension of the FHA and GSE loan limits and oppose any vote to reduce these limits.

The housing markets remain fragile and any further disruption to the market will stall our economic recovery.

Make your voice heard and participate in the NFIP reauthorization, as well as the FHA and GSE loan limit calls for action, at www.RealtorActionCenter. com. To learn more about the impact these two issues have on the economic recovery, please visit www.realtor.org/ government_affairs. www.sarasotarealtors.com

m

Sales level moderates in July 2011; inventory drops to new decade low

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Members of the Sarasota Association of Realtors® reported 599 property sales in July, which was 14.3 percent higher than the July 2010 total of 525 sales.

There were 445 single family home closings and 154 condo closings in July.

In 2011, four months have topped 700 in sales, with June reaching 728. In May, sales peaked at 796 sales during the height of the spring buying season, a pattern that has been evident for the past few years.

Last July, sales also moderated as the slower summer season kicked in and the Federal homebuyer tax credit expired.

In July 2011, the total inventory of available properties dropped again to the lowest level in more than a decade. There were 2,829 single family homes and 1,656 condos on the market, for a total of 4,485 available properties. This is more than a 7 percent drop from the June 2011 total of 4,830, and a 25 percent drop from the July 2010 figure of 6,054. The decreased inventory could spur stronger competition for homes and condos, and subsequent price appreciation.

The median price of a single family home in July was $169,900, just slightly lower than the June figure of $175,000.

“While we did see the market seasonally moderate in July from the hot selling pace we’ve experienced in the first half of 2011, these numbers still reflect strength in the market.”

- SAR President Michael Bruno The July 2010 figure stood at $155,000, so the median price was up almost 10 percent from last year at this time. The condo median price slipped to $145,000 from $185,00 in June, but was 14 percent higher than last July’s median of $127,000.

The months of inventory rose to 6.4 months for single family homes, from last month’s figure of 5.9 months. For condos, the months of inventory also rose to 10.7 months from June’s figure of 8.2 months. Both figures remain far below the highs of 25.3 months for single family (in early 2009) and 41.7 months for condos (in late 2008). This statistic represents the time it would take to sell the existing

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inventory at the current month’s rate of sales. The 6 month level is traditionally a point which represents equilibrium in the market between buyers and sellers.

Aside from the lower inventory, another bright sign in July 2011 was the increase in pending sales from 754 in June to 799 last month. Last year, pendings were trending downward in late summer which brought a decrease in total sales in the fall.

“While we did see the market seasonally moderate in July from the hot selling pace we’ve experienced in the first half of 2011, these numbers still reflect strength in the market,” said SAR President Michael Bruno. “There hasn’t been an alarming drop in sales, and the higher number of pending sales signals a healthy fall market. The inventory of available properties remains at a low for the past decade, and this historically means we should experience upward pressure on prices. The percentage of distressed property sales has remained stable, which is another positive factor.”

The overall percentage of distressed sales (short sales and foreclosure sales) remained at 38 percent of the July 2011 sales. That compares to 47 percent as recently as February 2011 and a high of 51 percent in November 2010.

“The impact of recent events in the financial markets may cause some uncertainty in terms of national home sales,” explained Bruno. “But we all know that real estate is local, and Sarasota is traditionally a market that emerges from tough times with strength and leads the new wave of prosperity.”

Sarasota Realtor® Magazine

SEPTEMBER 2011

15

Sarasota MLSSM Statistics - July 2011 Single Family Condo

Unit Sales 700 600 500 400 300 200 100 0 Jul‐10

Aug‐10

Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11 May‐11

Jun‐11

Jul‐11

Single Family

Median Sale Price

Condo

$250,000 $200,000 $150,000 $100,000 $50,000 $0 Jul‐10

Aug‐10

Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11 Mar‐11

Apr‐11 May‐11

Jun‐11

Jul‐11

Single Family

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months Inventory

Pending Reported

%Pending

# New Listings

# Off Market

This Month

2,829

445

15.7

174

$169,900

$156,000

6.4

609

21.5

311

212

This Month Last Year

3,877

374

9.7

176

$155,000

$162,000

10.4

487

12.5

730

223

3,048

510

16.7

188

$175,000

$155,000

5.9

586

19.2

321

202

‐

3,626

‐

181

$155,000

‐

‐

4,864

‐

3,474

‐

Oct 95.2 ‐

Nov 94.8 ‐

Dec 94.1 ‐

Last Month YTD

Jan 94.4 94.5

2010 2011

Single Family – Sale Price Vs. List Price % Rates Feb 92.8 94.1

Mar 95.2 94.7

Apr 94.8 94.1

May 95.2 94.2

Jun 95.3 94.3

Jul 94.7 94.1

Aug 95.2 ‐

Sept 94.6 ‐

Statistics were compiled on properties listed in the MLS by members of the Sarasota Association of Realtors® as of August 11th, 2011, including some listings in Manatee, Englewood, Venice, and other areas. Single-family statistics are tabulated using property styles of single-family and villa. Condo statistics include condo, co-op, and townhouse.

Source: Sarasota Association of Realtors® 16

SEPTEMBER 2011

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Sarasota MLSSM Statistics - July 2011 Single Family Condo

Inventory 5,000 4,000 3,000 2,000 1,000 0 Jul‐10

Aug‐10 Sep‐10

Oct‐10 Nov‐10 Dec‐10

Jan‐11

Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11

Jul‐11

Single Family Condo

Pending Sales 1000 900 800 700 600 500 400 300 200 100 0 Jul‐10

Aug‐10

Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11 May‐11

Jun‐11

Jul‐11

Condo

This Month This Month Last Year Last Month YTD

2010 2011

#Active

#Sold

%Sold

Average DOM

Median Sale Prices

Median Last 12 Months

Months of Inventory

Pending Reported

%Pending

# New Listings

# Off Market

1,656

154

9.3

200

$145,000

$162,250

10.7

190

11.5

199

225

2,177

151

6.9

203

$127,000

$175,000

14.4

166

7.6

261

189

1,782

218

12.2

231

$185,000

$162,000

8.2

168

9.4

189

231

‐

1,459

‐

215

$168,000

‐

‐

1,633

‐

1,750

‐

Oct 94.3 ‐

Nov 94.5 ‐

Dec 92.9 ‐

Jan 92.5 93.4

Condo – Sale Price Vs. List Price % Rates Feb 92.4 91.2

Mar 92.5 92.2

Apr 93.2 93.4

May 94.2 94.5

Jun 93.7 94.2

Jul 94.2 92.5

Aug 93.5 ‐

Sept 93.2 ‐

Median sales price is the middle value, where half of the homes sold for more, and half sold for less. Listings sold were closed transactions during the month. Pending sales are sales where an offer has been accepted during the month, but the sale has not yet closed. Even though some pending sales never close, pending sales are an indicator of current buyer activity. DOM indicates the average number of days that sold properties were on the market before a contract was executed.

Sarasota Association of Realtors® MLS www.sarasotarealtors.com

Sarasota Realtor® Magazine

SEPTEMBER 2011

17

CID (Commercial Investment Division)

Warehouse demand shows signs of life

By Mariwyn Evans Realtor® Magazine One reason investors like warehouses is that the demand principles are simple. If a company makes something or imports something, it has to put that something somewhere until it reaches the end user. That equals demand.

International trade accounts for approximately 35 percent of industrial space demand, says Rene Circ, national director of industrial research for Grubb & Ellis. So it’s not surprising that with a 14.3 percent jump in imports during 2010, according to Mario Moreno, economist with The Journal of Commerce, the overall national industrial vacancy rate fell to 10.2 percent at the end of first quarter of this year, down from 10.3 percent at the end of 2010, according to Cushman & Wakefield. This rate compares favorably to the 10.8 percent of the industrial property vacancy in the first quarter of 2010.

The picture looks even better for the rest of 2011.

Moreno predicts that imports will grow by an estimated 6.5 percent and exports by 8.8 percent for the year. That means more business for ports, especially the 1 billion square foot Los Angeles-Long Beach market, which handles about half of all imports from Asia. Industrial vacancies in the South Bay market are already dipping near 5 percent, says Jesse A. ­Laikin, SIOR, senior vice president of Lee & Associates in Gardena, Calif. And even with robust demand, “many landlords would rather renew a good tenant than get a rent increase,” Laikin says. East Coast ports, which account for the highest share of U.S. exports, are also seeing rebounds.

“Every 1 percent of incremental growth in foreign economies translates into a 3 percent jump in the purchase of U.S. exported goods,” says Michael Alderman, senior vice president of industrial services with Jones Lang LaSalle Americas Inc., in Mechanicsburg, Penn. Supply is already exceeding demand for space for small and mid-sized warehouses near the port, reports Ian Grusd, CCIM, SIOR, managing director at Sperry Van Ness/ Richter Grusd in Iselin, N.J. The opening of the Panama Canal expansion in 2014 will only add volume in ports

from Jacksonville, Fla., to New Jersey.

Growing economies in Brazil and Columbia are also fueling deals and even pushing up rents in some Florida submarkets, says Steven Medwin, CCIM, SIOR, managing director of Jones Lang LaSalle Brokerage Inc., in Miami. “In the last year, about 75 percent of our transactions have been companies taking more space,” he says. “Companies that survived the recession are gaining market share from weaker competitors and growing.”

At the same time, not all port cities with growing trade activity are seeing higher warehouse demand. Circ points to Prince Rupert, B.C., as the extreme example of this disconnect. The Canadian port handled 343,000 twenty-foot equivalent units (intermodal containers) in 2010, nearly all of which went directly to Chicago and other Midwest destinations by rail.

A Time to Lease, a Time to Buy Even in improving markets, demand hasn’t often translated into rent increases. This presents an opportunity for more confident companies to try to lock in longer leases before rents tick up. “We’re seeing requests for five-, seven-, and 10-year terms,” says Medwin. Landlords aren’t always eager to go along, since they too hope for improvement, he adds. Yet, even in better times, smart tenants are doing “a reverse credit check” to be sure landlords can pay for improvements and maintenance expenses, says Paul Waters, cre, SIOR, executive managing director, The Americas, for NAI Global. “Whether a landlord is financially sound is the second question tenants ask after rental rates,” he says.

Not all tenants are optimistic. “Many companies are still pushing for two- and three-year leases and taking smaller amounts of space with a right of first refusal to take more square footage,” says John Neely, SIOR, principal with Colliers International in Savannah, Ga. Still, he adds, inquires have picked up, and “it’s beginning to get a little more like normal.”

The possible impact of new lease accounting rules, which require operating leases to be capitalized on Continued on P. 19, See WAREHOUSE

2011 CID Officers & Directors Officers:

Directors:

President: Anthony Homer, LWR Commercial President-Elect: Brad Lindberg, Hembree & Associates Vice-President: Linda Emery, Michael Saunders & Co. Secretary: Diane Lee, Wagner Realty Treasurer: Tim Mapp, Mapp Realty Past President: Lee DeLieto, Jr., Michael Saunders & Co.

18

SEPTEMBER 2011

Pete Skokos: Norton, Hammersley, Lopez & Skokos (1 year - 2011) David Roth: RE/MAX Alliance (2 years - 2012) Sarah Olesen: Michael Saunders & Company (2 years 2012) Bob Milhoan: Hembree & Assoc. (3 years - 2013) Lori Hellstrom: Osprey Management (3 years - 2013)

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Why I joined the CID - and why you should

By David Roth CID Membership Chair I was a stranger in the cities, knew no one. Sold residential, once was an appraiser, and now a citizen of Manasota. Then I became a commercial broker associate. Business was really good (remember when?), I sold all kinds of dirt. Eventually, I realized I had been lucky and needed some education and mentoring. I then went to my first Commercial Investment Division meeting.

Members greeted me, introduced me to others and encouraged me to become a member.

Since joining, I have gained a wealth of knowledge regarding the Sarasota/Manatee commercial market place through the expertise and experience of my fellow Realtors®. We meet on the 3rd Tuesday of each month in the SAR auditorium, sometimes at off-site locations, and often with local public officials as well as national politicians. Program presentations cover market data, public policy and relevant topics of professional interest. CID also sponsors weekly Friday marketing sessions where everyone presents a current listing or two and/or their buyer needs.

This network of friends (sales associates, brokers, bankers, builders and developers) has helped me sell more property, share my business concerns and made me a better Realtor®.

Right now, there is even a special mid-year half price membership fee. You can become a member now for only $25.

Membership fees support the educational, marketing, public interest and social programs of the CID. Please call me, David Roth, CID Membership Chair, directly if you have questions or need an application. I can be reached at 941-224-5786. Or by email at DavidRoth@remax.net

CID Membership Chair David Roth

CID slates meetings for September 2011 CID General Membership Meeting - Tuesday, Sept. 20th, 8:30 a.m. – SAR Auditorium Commercial Marketplace Sessions - Friday, Sept. 2nd, 9 a.m. – SAR Auditorium - Friday, Sept. 9th, 9 a.m. – SAR Auditorium

- Friday, Sept. 16th, 9 a.m. – Manatee Association of Realtors®, 10920 Technology Terrace, Lakewood Ranch, FL - Friday, Sept. 23rd, 9 a.m. – SAR Auditorium - Friday, Sept. 30th, 9 a.m. – SAR Auditorium

WAREHOUSE

done by REITs or institutions and smaller purchases most often made by owner-occupiers with SBA loans or local bank financing. On the institutional side, “we’ve seen package deals of class A properties trading at approximately 90 percent of 2007 highs,” notes Marshall.

Regional investors are taking advantage of troubled loans and foreclosures if they can find the capital, but “there are so few transactions, it’s not a trend,” says Neely. Grusd is seeing an “extremely active” investor market for spaces under 100,000 square feet. Demand is so strong that his company has begun calling owners of vacant and troubled properties to match them with current clients, he says.

From Page 18

the balance sheet, may also favor shorter leases if and when they’re finalized by the Financial Accounting Standards Board.

The proposed rules “are definitely on the radar of larger companies,” although they haven’t yet affected many leasing deals, says Scott Marshall, senior managing director of CB Richard Ellis in Oak Brook, Ill. Tightening supply and low interest rates have also spurred buyer interest in many markets. Like other commercial property sectors, sales divide into either mega portfolio deals

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Sarasota Realtor® Magazine

SEPTEMBER 2011

19

Education Programs

Gain technical savvy in September

The “Realtors® Essential Technology Toolbox” 4 CEU class is intended to help any Realtor®, no matter what their tech knowledge or skill level, learn how to properly utilize and leverage the technology in their personal and business practices in a fast paced, yet fun & easy to follow environment.

Craig Grant taught this class here in April and received

rave reviews!

This course explores understanding the changing needs and habits of today’s consumer and how REALTORS® can use technology tools to find new business, grow and nurture their circle of influence, become more efficient in their daily lives and provide better service consumers. Plus the legal, risk management and online safety concerns a REALTOR® needs to be aware of in the technical world.

The course also covers how and what technology products to buy, how the REALTOR® can market themselves online, how to use social networking, blogging, listing syndication, smart phones, VOIP phones, e-fax, contact management &/or CRM systems, e-mail marketing and much more.

Title: Florida’s Safety and Security Location: SAR Auditorium Date: Friday, Sept. 9, 9 a.m. to 12:30 p.m.

Cost: FREE To help kick off Realtor® Safety Month, Florida Realtors® will attempt to break a Guinness World Record for the “Largest Business Lesson held in Multiple Venues.”

Andrew Wooten, Florida Realtors® safety expert, will present “Florida’s Safety and Security,” a 3-hour program designed to provide education, tools and resources necessary to create safe workplace environments while

instilling awareness and empowerment in individuals.

This record attempt will connect more than 30 of Florida’s local associations (including SAR) as satellite venues, with participants across the state interacting with each other simultaneously over a live broadcast.

Students will be able to participate in the program with fellow Realtor members in the convenience of their local association office while building strong community relationships with their friends and neighbors who are also invited to participate in the program.

To register, visit www.floridarealtors.org/education and complete the online registration today!

Realtors Essential Technology Toolbox Location: SAR Auditorium Date: Sept. 7, 9 a.m. to 1 p.m.

Cost: $30 for SAR members; $40 for others Instructor: Craig Grant, VP Sales, Marketing, Education, EasyRealtySites.com 4 Hours CE Credit

Help Florida Realtors® break a Guinness World Record!

Learn about resorts, second home market Title: Resort & Second Home Markets Location: Hyatt Regency Sarasota Date: Sept. 14 Cost: $169 (if space available) Instructor: Jimmy Dague Register at www.sarasotarealtors.com

In this course, you will learn how to: • Use community resources and tourism bureaus to your advantage • Be prepared to act when laws, directly affecting your business, are scheduled to change • Make the best use of your marketing dollars • How to handle the media—rather than it handling you • Recognize the rights and wrongs of secondhomeownership and investment.

If you already have one of the following designations— ABR, ALC, CCIM, CIPS, CPM, CRS, CRB, 20

SEPTEMBER 2011

GREEN—this may be your only course requirement!

To earn the RSPS certification, you must complete the Resort & Second-Home Markets Course and choose from two elective paths. The course was recently revamped and shortened! For more details, please read all about the designation at: www.realtor.org/resorts/ resorts/requirements_rsps

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Course instructs Realtors® on senior real estate issues Title: SRES (Seniors Real Estate Specialist) Dates: Oct. 11-12 Cost: SAR Member, $199; Others, $229 Register at www.sarasotarealtors.com Adults aged 50+ represent more than 20 percent of the U.S. population. For most senior adults, the homes that they live in are their largest asset and account for most of their net worth.

Completion of the Seniors Real Estate Specialist (SRES®) Designation Course is an essential step for Realtors® in understanding the goals, concerns, and needs of seniors today.

This course looks at key differences in housing options, from age-restricted communities to agein-place design to assisted living; applications of the Housing for Older Persons Act (HOPA); the ins and outs of reverse mortgages; the use of pensions, 401k accounts, and IRAs in real estate including estate planners, reverse mortgage lenders, clutter transactions; and developing a team of senior specialists, and staging specialists, and more. Instructor: Jim Dague

Online continuing education courses are available Did you know that you can take Continuing Education courses online from the comfort of your home or office?

RealEstateCE.com provides online continuing education courses for Florida real estate license renewal for agents and Realtors®. Practical commercial and investment real estate agent course selections are also available at affordable prices to renew a real estate license.

These course are very important to your continuing career.

With the exception of New Jersey, every state in the United States requires real estate licensees to earn continuing education in order to maintain their real estate license.

Licensees know they need Continuing Education (CE) credit, but the hard part is finding out how much they need and what schools offer it.

This list of frequently asked questions about continuing education was developed to give real estate licensees a better understanding of the who, what and where of continuing education.

Who decides continuing education requirements?

States determine licensing requirements and continuing education requirements. Every state has a specific department, usually called the real estate commission or professional licensing department which write and enforce the laws of real estate licensure.

www.sarasotarealtors.com

Why are some courses approved for CE and others are not?

Every state determines which courses may be approved.

Some states have specific requirements, for example, three hours of legal education, four hours of risk management, four hours of agency. Whereas, other states have much more lenient requirements. In order for a course to be approved for CE, the course provider, or school, must submit an application and a fee to the real estate commission for their review of the course. Some topics are rarely approved, for example, courses on sales, marketing, or general computer skills.

What role does SAR play in CE? SAR does not determine what courses are approved for CE. However, some state associations have strong relationships with real estate commissions and can actually influence what topics and courses are approved in their state.

In addition, many Realtor® associations, including SAR, provide education programs for members. These Associations may submit their programs to their state’s real estate commission for CE so members can earn CE credit while taking the course.

Check with SAR and the Florida Real Estate Commission about CE approval prior to registering for any course.

Sarasota Realtor® Magazine

SEPTEMBER 2011

21

Selling on Facebook: A touchy subject

By Katherine Tarbox REALTOR® Magazine Ever since Facebook went mainstream, there has been debate among real estate professionals about how to effectively—and tastefully—use the platform for prospecting and marketing listings. Some practitioners post a link to every new listing and alert all friends whenever they have a closing; it’s a way to show they’re productive and get the word out about homes on the market.

But others cringe at that method, saying that such blatant promotion is off-putting to friends and fans. One of those people is Mike Incorvaia Jr., broker-associate and social-media instructor with Keller Williams Greater Cleveland Southwest in Strongsville, Ohio. “Posting a listing on Facebook is no different from walking into a social event with your flyer and handing it to people,” he says. But that doesn’t mean Facebook can’t benefit your business, he adds. Here are informal rules for making Facebook work for real estate.

• Show that real estate is a part of you. “Use your Facebook page to let others know you’re in real estate, but don’t push it in their faces,” says Lee Miller, an associate with Prudential California Realty in Carson, Calif. Rather than trying to sell a specific property, use photos and posts to “sell yourself as a source of knowledge and wisdom for the area you serve,” says Gitta Barth, an associate with Coldwell Banker Investors Realty Inc. of Citrus County, in Inverness, Fla. One way she does this is through links to interesting real estate news stories about local events and store openings in her neighborhood.

• Find similarities by sharing your passions. Showcase your hobbies, interests, and special areas of expertise to build connections with prospects on Facebook. For example, share your love of your favorite vacation spots by posting photos from your trips there. If potential clients share that same love, you’ll build affinity through those mutual interests.

Talk about the places you like to go, the music and books you enjoy, and what activities you do in your spare time. It will broadcast that you’re an authentic person—someone that clients can relate to.

• Don’t bore your audience. Even if you’re in favor of posting updates on your listings, keep a high standard of quality for content. A simple link doesn’t do much to tell the story of your listing, but you can bring it to life with commentary about its history or features. And watch out

for posting listings too often, as you don’t want your posts to become dull to your sphere. Rosemarie Villanova says she posts listings only when she has an open house to announce.

“I’ve had great results,” says the broker-associate with Vail Realty in Asbury Park, N.J. She’s closed 23 transactions in the past four years with clients and friends who learned about the property through social media. “I don’t flood my page with listings,” she says. In addition to open houses, she shares market data and uplifting or humorous posts.

• Create a business page. National Association of Realtors® Social Media Strategist Todd Carpenter recommends using your personal page to build strong relationships with friends.

But if you’re the broker-owner, a local business page can work well for marketing. “I talk shop on my fan page,” says Eric Campbell, broker-owner of Campbell Real Estate in Sacramento, Calif. In addition to posting real estate–related links and news stories, his associates post success stories and local market stats. Campbell says that while “friends” might not want to hear promotional posts about your business, “fans” are more open to the concept because they signed on to learn more about your company when they clicked that “Like” button. There’s no clear-cut right or wrong way to use social media for generating business. In the end, it’s really about giving your friends and fans what they want and showing them what you bring to the table personally and professionally.

Award-winning printing and customer service Specializing in pocket portfolios, die-cutting and foil-stamping done in-house FSC and SFI certified to help you go green

CONGRATULATIONS! Dedication and hard work pay off!! We congratulate our member who successfully completed the National Association of Realtors® Green Designation course (GREEN)!

NAR’s GREEN DESIGNATION (GREEN)

Mia Engel

22

SEPTEMBER 2011

JWood Realty

Sarasota’s Premier Real Estate Printer 1730 Independence Blvd., Sarasota, FL 34234 (941) 351-1515 • (941) 351-8639 F • www.coastalprint.com sales@coastalprint.com

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Explore the possibilities of MLXchange

Pre-registration is required for all MLXchange classes at www. mfrmls.com. All classes are handson in the SAR Technology Center (except for Entering and Updating).

Registration is limited to 18. Please be sure that you will attend if you reserve a spot! If you need to cancel, please call MFRMLS at 800.686.7451 (not SAR).

MLXchange Basic Sept. 1 or Sept. 19, 9 a.m. to Noon Mandatory session for all new users.

Learn the basic tools of MLXchange.

It does the work for you, emailing the listings that match your client’s criteria automatically through auto notification.

Learn the quick way to find a listing or view your inventory with one click right from the home page or create a professional CMA in less time than it takes to drive to work.

- Review the home page features - Add a new client from the search module, saving a search and setting prospecting notification features - Searching and viewing listings, using the map, showing road, aerial, hybrid, and locator features - Adding additional search criteria - Viewing/printing/emailing reports, images, virtual tours, tax, map, driving directions and MLS listing history - Customizing hotsheet configurations - Search Tax - Creating a professional CMA - Personalize user contact information Entering and Updating Listings in MLXchange Sept. 1 or Sept. 19, 1:30 to 3:30 p.m.

Mandatory class if you will be entering and updating your own listings.

You will be taught how to input and modify listings, enter photos, and add attachments along with valuable tips and techniques.

- Listing maintenance authorization forms - Explain the importance of accurate data - Rules and Regulations - Review the profile sheet - Entering a new listing, using tax www.sarasotarealtors.com

- Edit and remove reports - Emailing, saving, and printing CMA - Customizing a personal CMA and setting it as the default

auto pop, reviewing the fields that have specific entries in the Rules and Regulations - Adding images, attachments, open house information, Supra Key and ShowingTime - Inventory watch-easiest way to modify the listings iMapp - Interactive Tax and Mailing Labels Sept. 8, 9 a.m. to Noon In this class you will learn how to use the tax search features of MLXchange, access iMapp’s interactive maps, tax data, comparables, auto-valuations, and easily create mailing labels for your favorite area.

- MLXchange tax search, using map and field searches, printing mailing labels - iMapp tax search, viewing parcel, GIS, MLS listings, zoom levels, street, aerial and flood zones - Measuring tool, pan and save map - Creating, viewing and downloading mailing labels - Illustrate the link to the tax appraiser website - Viewing and modifying the criteria for comparable properties - MLS and foreclosure searches Creating A Professional CMA Sept. 8, 1:30 to 3:30 p.m.

This class is designed to teach you the skills needed to create a comprehensive CMA. You will learn how to import properties that are listed outside of the MLS, into your CMA along with valuable tips and techniques for creating a professional CMA. - Create a new seller or buyer CMA - Importing subject property from MLS or tax search and entering additional information about the subject property - Adding MLS and tax comparables - Adjustments, pricing, net sheet, selecting pages, and viewing report Sarasota Realtor® Magazine

Design Web Pages, Capture Leads Sept. 13, 9 a.m. to Noon One of the most crucial components in today’s real estate professional’s day-today business is capturing and handling leads along with time management. This course will teach you how to set up your personal agent and client web pages, contact management and scheduling features that go hand-in-hand with a successful real estate business.

- Changing the site style, domain name, search engine tools and redirecting web sites - Designing the web page content, adding featured properties - Illustrating the property search - Lead capture shows in today’s summary and schedule - Reviewing schedule, adding/editing appointments, tasks, adding notes and reminders - Plans manager, copying and modifying the action plan - Emailing the client private webpage - Customizing email templates MLXchange Advanced Sept. 13, 1:30 to 3:30 p.m.

Take MLXchange to the next level!

In this session you will learn how to customize a search & display screens, personal website links and setup & save advanced searches.

- Creating a custom template, adding fields, changing the display order - Foreclosure, fixer upper, and vacant listings with lockbox access - Customizing columns, adding/ removing fields, changing the column headers and changing the field sort order - Editing favorite reports Using MLXchange to Effectively Manage Time and Contacts Sept. 20, 9 a.m. to Noon, and 1:30 to 4:30 p.m.

Gain valuable knowledge about the robust contact management software available.

SEPTEMBER 2011

23

On the SAR Scene

Habitat homeowner closes on home!

Visit SAR on Facebook at www.facebook.com/SarasotaRealtors

Photos by Jesse Sunday Teresa Dixon became the newest Habitat for Humanity homeowner on Aug. 18th, closing on her Huffton Circle home. Congratulations to SAR’s first Habitat partnership homeowner!

A large class of incoming SAR members attended orientation at SAR in August. Welcome!

This was the scene at last year’s SAR International Congress at the Hyatt. Another big crowd is expected this year, so don’t miss it! See Page 7 for all the details!.

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SEPTEMBER 2011

Sarasota Realtor® Magazine

www.sarasotarealtors.com

Get a little sand between your toes... Leave your footprints at Medallion neighborhoods, collect $500 Gold Coins* and Enter to win a Barefoot Retreat Medallion Neighborhoods

Gamble Creek Estates from the mid $100’s 4909 131st Drive E • Parrish, Florida 34219 Contact Susan or Alex 941-567-2644 River Plantation from the high $100’s 2432 129th Avenue East • Parrish, Florida 34219 Contact Connie or Austin 941-776-0777 Country Meadows from the high $100’s 836 148th Court NE • Bradenton, Florida 34212 Contact Arthur or Phil 941-747-7750 Cascades at Sarasota from the mid $200’s 6773 41st Street Circle East • Sarasota, FL 34243 Contact Holly or Jordan 941-309-3917 University Groves from the low $200’s 3611 80th Drive East • Sarasota, Florida 34243 Contact Gregg 941-448-9456 Stonewalk Preserve from the mid $200’s 19646 Cobblestone Drive • Venice, Florida 34292 Contact Celica or Angie 941-567-2658

Win a Barefoot Retreat

• Enjoy the sun and fun. Take a retreat from the chaos and leave a few footprints in the sand. Every time you visit any of our neigbhorhoods you are eligible to register to win a Barefoot Retreat at Long Boat Key Club. The more Medallion Home neighborhoods that you visit, the better your chances of winning.

Plus...

• Receive a $500 Gold Medallion* at each neighborhood that you visit.

Redeem the coins when you sell a Medallion Home and receive $500 for each coin collected*, in addition to your commission at closing. Must present coins at time of registration. A voucher will be given for coins redeemed at signing of contract.

Bobcat Trail from the high $100’s 2802 Royal Palm Dr • North Port, Florida 34288 Contact Gabe 941-429-0990 Riva Trace from the high $200’s 7515 Rio Bella Place, Sarasota, Florida 34201 Contact Gregg 941-448-9456 Mount Dora (coming soon) Mount Dora, Florida 23343 Contact Gregg 941-448-9456 Hillcrest Place from the mid $200’s 5607 NW 5th Terrace, Bradenton, Florida 34203 Contact Gregg 941-448-9456

• No more than 10 Medallions ($5000 value)* may be redeemed per sale.

• Visit Medallion neighborhoods by 9/30/11 to register for a drawing to win a Barefoot Retreat for two to Longboat Key Club. Weekend includes accommodations, hot sandy beach, cool refreshing pool, massage at the Island Spa House, fine dining at the resort on Friday and Saturday. Leisurely breakfast in bed on Saturday. Walk into any of our models for a chance to leave your footprints in the sand. *

Medallion Home Gold Coins have no cash value until the closing of a Medallion Home. Must register at each location that you enter into drawing. Not valid in * combination with any other promotion. Offer ends 9/30/11. Prize valid anytime through 10/31/11.

www.MedallionHome.com

Sorting out the contract riders can be confusing

By Julie A. Horstkamp, Esquire Realtor®-Attorney Joint Committee

Should you use Florida Realtors® (“FR”) contract riders with Florida Realtors/Florida Bar (“FR/BAR”) contracts and visa versa?

Generally, you should not use the FR Riders with the FR/BAR Contract nor use the FR/BAR Riders with the FR Contract form. However, there are some exceptions.

The FR Contract form (“FAR-9”) contains defined terms throughout the Contract. Likewise, the FR/BAR Contract has its own set of defined terms used throughout the FR/BAR Contract.

For example, under the FAR-9 Contract, the financing contingency period is defined as the “Commitment Period” compared to the FR/BAR-1 Contract which defines the financing contingency period as “Loan Commitment Date”.

Moreover, under the FR/BAR-1 Contract, a Buyer can terminate up until closing under the financing contingency period if Buyer has been unable to obtain financing, even though the Loan Commitment Date has passed, provided Buyer has been using due diligence in obtaining the financing. However, the Seller has the option to terminate the Contract once the Loan Commitment Date has passed if the Buyer has not provided Seller with the Loan Commitment, in which event the Buyer’s deposit would be refunded.

As you might know, I currently serve as Co-Chair of the Florida Realtors®/Florida Bar Contract Committee (“The FR/BAR Committee”) and have served on the FR/ BAR Committee since January 1, 2008. The FR/BAR Committee tried to make sure that we covered all of the riders that were currently available for use with the FAR-9 Contract so that there was no reason to use FR riders with the FR/BAR-1 Contract. For the most part, I think we were successful with the exception of the Mold Inspection Rider.

Unfortunately, we did not create a mold inspection rider to be used with the FR/BAR-1 Contract. However, the FR Mold Inspection Addendum to Contract can be used with the FR/BAR-1 Contract since it does not reference any FAR-9 Defined Terms nor does it contain any reference to paragraph numbers. Consequently, you can use the FR Mold Inspection Addendum with the FR/BAR-1 Contract.

In contrast, I am frequently seeing the FARA-10 B Homeowner’s Association Rider used with the FR/BAR-1 Contract. If you look at Line 6 of the Rider there is reference to Paragraphs 8 and 9 of the Contract which is the Financing and Closing Costs paragraphs under the FR/BAR

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Contract forms and therefore this Rider should not be used.

Since our real estate market currently involves a lot of short sales, I would like to briefly address the two short sale addendums available. The FR Short Sale Addendum SSA-3 can be used with the FR/BAR-1 Contract since there is no reference to FAR-9 Contract defined terms. However, please keep in mind that there are substantial differences between the SSA-3 Short Sale addendum and the FR/BAR G Short Sale Approval Contingency Rider (“Rider “G”). For instance, the SSA-3 does not contain any provision requiring the Seller to deliver an actual copy of the short sale approval letter like Rider G. It is important for the Buyer to receive a copy of the short sale approval letter since there might be terms that affect the Buyer such as prohibition against future transfers for a period of time.

In contrast, Rider G contains a requirement that Seller deliver a copy of the Short Sale Approval letter to Buyer within 3 days from receipt. Further, the Short Sale Approval is not deemed Short Sale Approval if it contains additional terms and obligations affecting either party unless the affected party accepts the additional terms in writing. In addition, Rider G changes the closing date to 45 days (if left blank under Paragraph 6) after Buyer receives Short Sale Approval from Seller, which trumps any Closing Date you put on Line 49 of the FR/BAR- ASIS-1 Contract. In contrast, the SSA-3 does not address the Closing Date.

In summary, other than a couple minor exceptions stated herein, there is no reason to mix the forms together and that should be avoided if possible.

I welcome your comments and suggestions which you can e-mail to me at jhorstkamp@berlinpatten.com or call me at (941) 955-9991.

Sarasota Realtor® Magazine

www.sarasotarealtors.com

EXIT 22

More Money For You. More Savings For Your Clients.

NEAL

REALTOR

Rewards

Club Membership Earned With One Sale!

44Th Avenue

There will be a monthly drawing for a $500 Gift Card. Entries will be based upon office visits where Realtor accompanies a Prospect to one of our Model Centers. All Realtors are eligible for this program (not just Rewards Club Members).

For info contact Gail Shane, Realtor Liaison, 941.713.8008 Manatee Avenue

Malachite Dr

State Road 70 Thornhill Ct

Ravelston

64

Greystone St

EXIT 220

PLUS!

First sale at 3% co-broke, normal terms, Realtor receives a complimentary Neal Rewards Club Card.

Second sale = 3.5% Commission. Third Sale = 4% Commission. Fourth Sale = 4% Commission PLUS $1,000 Bonus. Fifth and Subsequent Sales = 4% Commission PLUS $2,000 Bonus. PLUS there are benefits for the Realtors’ Customer: At point of contract, the Realtor may present their Rewards Club Card to a Neal Sales Associate and receive $500 toward the purchase of any one option for their customer.

Club membership term is for 12 months, beginning on the date of the first sale and ending on the last day of the 12th month thereafter.

Valderrama Way

nealcommunities.com/realtors

WCR: Reinvent, revitalize, rejuvenate!

Upcoming WCR Business Resource Meetings

By Cindi Jackson WCR President

With the popularity of “makeover” shows these days, it’s hard not to think about what it would be like to do a total makeover on yourself. Imagine waking up tomorrow morning and being the person you’d love to be and having the life you’d love to have!

A total makeover may be too extreme for most of us, but what about reinventing yourself?

Reinventing yourself in the real estate business can be exciting and scary but making the right choices on your “makeover” journey will help you to reinvent, revitalize and rejuvenate your real estate career!

Being a member of the Women’s Council of Realtors® can help you with the opportunity to contribute to change, and to be changed both personally and professionally.

Revitalize yourself to your clients, being a WCR member says that you have a career, not just a job. It tells them you are a professional who works harder and smarter to sell their house, or to fine the new home they’ve dreamed about.

Revitalize yourself to your colleagues, being a WCR member says that you’ll never be too

experienced to learn something new, or too successful to share some advice. Because of that they look to you as a friend, a mentor and a referral source who never lets them down.

Revitalize yourself ~ by being a WCR member means that the road to being a better person might just start by being a better Realtor.

After all, isn’t that why you got into this business?

Through your WCR membership, you will realize many benefits. The Women’s Council of Realtors® is a community of Real Estate Professionals creating business opportunities, developing skills for the future and achieving our individual potential for success. We believe that success in the Real Estate business today requires positive, productive relationships.

Rejuvenate yourself ~ WCR provides an environment in which we can form, nurture and maximize relationships on many levels, from bottom-line business transactions to ongoing mentoring for your career evelopment. WCR members share freely of their time, talent and experience because they know it will come back to them many times over.

Our WCR Core Values ~ The

Wednesday, Sept. 21st – Annual Fashion Show Fete Polo Grill, Lakewood Ranch 11 a.m.-12 noon Business Networking 12 noon - 1 p.m. Business Resource Meeting - For reservations contact Linda Witt at MZWitt@aol. com - For Business Resource Meeting information contact Leslie Lauritano at leslie. lauritano@regions.com Power of Relationships, Leadership, Professional Credibility, Diversity, Involvement, Success and Influence ~ help your “makeover” journey to be successful!

Reinvent, Revitalize and Rejuvenate yourself with the best of the best in the real estate industry – join the Women’s Council of Realtors®! Are You Ready? ~ We Are Ready!

Don’t miss our annual Fashion Show ~ Reinvent ~ Revitalize ~ Rejuvenate! , on Wednesday, Sept. 21, at the Polo Grill’s Fete Ballroom in Lakewood Ranch.

Tickets of $45 per person can be purchased through Tina Darling (941)-921-5027 or tinadarling@ comcast.net.

2011 Line Officers Cindi Jackson President Exit Realty Signature Properties Cell: 941-735-0542 cindi_title@yahoo.com

Mary Hellhake Vice-President Membership Michael Saunders & Company Cell: 941-544-0763 maryhellhake@michaelsaunders.com

Carrie Starr Rummery Recording Secretary Starr Title Insurance Phone: 941-365-7827 carrie@starrtitle.net

Marianne LeBar President-Elect Michael Saunders & Company Cell: 941-650-0337

Sharyl Smith Treasurer Bank of Commerce Cell: 941-374-06302 ssmith@bankofcommercefl.com

Mary Mastro Corresponding Secretary Keller Williams Lakewood Ranch Cell: 941-586-2402 marypmastro@kw.com

mariannelebar@michaelsaunders.com

Membership News 30

The Association is pleased to welcome new members!

Designated Realtors®

Ling, Jeffry: Ling Realty LLC Morgan, Ronald: Ron Morgan Certified Appraiser

New Members

Abbott, Robert Cody: Atchley International Realty Armon, Joan: Prudential Lakewood Ranch Rlty Boyle, Dennis: EXIT Creative Realty Button, Jennifer: RKW Kleiber Button Inc. Chambers, Julie: Allison James Estates & Homes Ditaranto, Deidre: Exit King Realty Green, Rita: Coldwell Banker Res R E Huffer, Sandra: Keller Williams on the Water Hunter, Nancy: Keller Williams Rlty Manatee Kloss, John: Mount Vernon Property Mgmt Inc. Sanchez, Michaela: Charity & Weiss Int’l Realty Schwartz, Thomas: Coldwell Banker Res R E Stelson, Inna: Coldwell Banker Res R E Stephan, Laura: ERA Waterside Realty Varbel, Barry: Neal Communities Realty Inc. Yates, Deborah: Michael Saunders & Company Yates, Richard: Michael Saunders & Company Young, Shellie: Signature Sothebys Internat’l

Now With ...

Ahmes, Elizabeth: Sandals Realty of Sarasota Alexander, Pam: Coldwell Banker Res R E Anchorena, Felipe: J D Burdick and Associates Andres, Roberta: Keller Williams Lakewood Ranch Bezdek III, Louis: Horizon Realty International Blanco, Teresa: Atchley International Realty Brame, William: Coldwell Banker Res R E Brissette, Edith: Rossi & Company Inc. Brown, Glenn: RE/MAX Alliance Group Browne, Stanley: Jennette Properties Inc. Champney, Melody: Horizon Realty International Cholakov, Miliana: Coldwell Banker Christman, Mary: Coldwell Banker Res R E Clemons, Ed: Michael Saunders & Company Clemons, Jackie: Michael Saunders & Company DeSoiza-Adams, Barbara: Coldwell Banker Res R E DiCerbo, Tony: RoseBay Real Estate Inc. Dickson, Thomas: J Wood Realty DiPierro, Donie: All FL Real Estate Connections Donohue, Debbie: Coldwell Banker Res R E Escobar, Gonzalo: Realty Services Inc. Figlow, Nicholas: Keller Williams On The Water Freed, Becky: Coldwell Banker Res R E Fritz, Robert: Sandals Realty of Sarasota Gesell, Ellen: Prudential Palms Realty Gonzales, Valeri: Atchley International Realty Gornnert, Gary: Capital Real Estate Enterprise Gumbs, Debra: Exit King Realty Guthrie, Carol: Michael Saunders & Company Hanly, Patricia: RE/MAX Platinum Realty Hanly, Thomas: RE/MAX Platinum Realty Hanson, Ruth: Sunshine M.I.N. Hoffer, Marge: Coldwell Banker Res R E Johnson, Zena Yvette: Atchley International Realty Johnston, Pamela: Keller Williams On The Water Jones, Timothy: Keller Williams Lakewood Ranch Keller, Eugenia: Sandals Realty of Sarasota Kleckauskas, John: Hook & Ladder Realty Inc.

SEPTEMBER 2011

Kovalsky, Marian: Signature Sothebys Internat’l LaMaida, Vincent: Keller Williams Lakewood Ranch LaMaida, Thomas: Keller Williams Lakewood Ranch Latham, Suzanne: Sandals Realty of Sarasota Leonard, Jeremiah: Key Realty Malave, Andres: Keller Williams Lakewood Ranch Maltz, Harriet: Michael Saunders & Company Mast, James: Keller Williams Lakewood Ranch McCarthy, Midge: RE/MAX Platinum Realty McDonald, Diane: Sandals Realty of Sarasota McKay, Kelly: Michael Saunders & Company McNally, Jennifer: Keller Williams Lakewood Ranch McNally, Shirley: RoseBay Real Estate Inc. Melendez, Carmen: J D Burdick and Associates Menke, Wendell: Sperry Van Ness Commercial Mitchell, Arlene: RoseBay Real Estate Inc. Moscone, Kathryn: Action Realty of Sarasota LLC Mott, Pamela: Jennette Properties Inc Mozzone, Linda: Coldwell Banker Res R E Neary, Kay: Coldwell Banker Res R E Oglander, Susan: Jennette Properties Inc. Paquette, Bruce: Keller Williams Lakewood Ranch Pellegrino, Arleen: Prudential Palms Realty Perez, Beverly: Horizon Realty International Perignon, Lydia: Atchley International Realty Phillips, A. Craig: RoseBay Real Estate Inc. Pilarska, Halina: Sandals Realty of Sarasota Ramon, Steve: Atchley International Realty Rivera, Rigo: Coldwell Banker Res R E Roberts, Steven: Sandals Realty of Sarasota Ruck, Margaret: RE/MAX Alliance Group Russell, Bernard, Sandals Realty of Sarasota Shkrob, Eleonora: Malone Property Group LLC Simon, Lori: Michael Saunders & Company Simon, David: Michael Saunders & Company Slattery, James: Market America Realty & Invest Sokol, Robert: Sandals Realty of Sarasota Sorrentino, Nick: Coldwell Banker Res R E Stubblefield, Polly Ann: Keller Williams On The Water Taboada, Ursula: Atchley International Realty Thompson, Ken: Atchley International Realty Verde, Cramer: Atchley International Realty Weiss, Douglas: Keller Williams Lakewood Ranch White, John: Keller Williams Lakewood Ranch Yates, Richard: Michael Saunders & Company Zupp, Eleanor: Coldwell Banker Res R E

New Affiliates

A&B Asset Documentation Svcs 8437 Tuttle Avenue #378 Sarasota, FL 34243 Phone Number: 941-388-8153 Representative: John Antenucci Specialty: A&B Asset Documentation Services can help provide peace of mind for home and small business owners. Take into consideration how the stress of loss from fire, burglary, hurricanes, flooding or other disasters might impact your memory. We provide a comprehensive, detailed inventory - a list of personal property or business assets complete with digital images.

We create your photographic memory. We also offer Inventory of Special Collections.

Email: A-BDoc@tampabay.rr.com

Sarasota Realtor® Magazine

www.sarasotarealtors.com

AFLAC 5114 33rd Street East Bradenton, FL 34203 Phone Number: 941-725-2550 Representative: Pamela G. Giordano Specialty: Aflac is different from health insurance; it’s insurance for daily living. It pays cash benefits directly to you, unless otherwise assigned to help with daily expenses when you’re sick or hurt. Aflac offers individually owned, supplemental, specific health plans for SAR members and their families at a reduced/ group rate.

Email: pamela_giordano@us.aflac.com American Cleaning/Restoration 1767 Lakewood Ranch Blvd #176 Bradenton, FL 34211 Phone Number: 888-265-0199 Representative: Rebecca Egan Specialty: You can feel safe with us! We combine the Personal attention of a local firm with the Strength and Capabilities that only come from Experience. The staff at ACR brings 24+ years of a proven track record completing residential and large commercial projects. ACR has a team of employees that are committed to 100% customer satisfaction. We will work hard to be your company of choice. We provide Air Duct Cleaning, Mold Remediation, Flood Clean up, Carpet Cleaning, Tile & Grout Cleaning, Pressure Cleaning and Colored Grout Sealers Email: acrbecky@verizon.net Bullseye Home Inspection 1802 Ingram Ave Sarasota, FL 34232 Phone Number: 941-541-0577 Representative: Craig Winchell Specialty: Owner of Bullseye Home Inspection for 10 years.

Certified Member with Professional Laboratories in the Professional Partners Program, Licensed mold inspector since 1994; State certified emergency adjuster and inspector for 2004 hurricane season: hurricanes Charlie, Jean and Ivan; 38 years of construction experience. Wind Mitigation Inspection for insurance.

Email: craig@abullseyeinspection.com Got A Maid? Inc. 2042 Utica Drive Sarasota, FL 34232 Phone Number: 941-759-3494 Representative: Dave Kauffman Specialty: Got A Maid? Inc. we take pride in seeing that all your possessions sparkle, shine, and glow. We do the extraordinary every day, freeing you up to enjoy your life. We also provide custom cleaning, based on your needs. We also do cleaning for: Condominiums, Rentals, Commercial Space and Yachts.

Email: dave@gotamaidclean.com Keats Connelly and Associates 1880 N Congress Ave Suite 302 Boynton Beach, FL 33073 Phone Number: 561-602-0275 Representative: Jacques Raymond Specialty: Keats, Connelly and Associates is the largest crossborder wealth management firm in North America that specializes in assisting Canadians and Americans realize their dreams of a cross-border lifestyle in Financial Planning, Investments, and Taxes. Our mission is to help individuals from the U.S. and Canada determine and achieve their financial and life planning goals through a comprehensive

www.sarasotarealtors.com

financial planning process. Our role is that of an independent and trusted financial counselor, providing personalized service with uncompromising integrity.

Email: jacquesr@keatsconnelly.com Rels Title 2201 Cantu Court, Suite 107 Sarasota, FL 34232 Phone Number: 941-893-7692 Representative: Susie Anderson Specialty: In more than 20 years, Rels Title has grown to become one of the country’s most respected – and most responsive – title entities. We’ll expertly handle your title work, document preparation and closing with accuracy and expedience, keeping you and the borrower updated and informed throughout. Today and tomorrow, you can rely on the experts at Rels Title for a full array of title and escrow services for residential, commercial and builder transactions.

Email: susie.anderson@rels.info Salvatori, Wood & Buckel 9132 Strada Place, Fourth Flr Naples, FL 34108 Phone Number: 239-552-4105 Representative: Norma Brenne Henning Specialty: Salvatori, Wood & Buckel is a law firm that has a diverse practice that generally includes real estate, estate planning, immigration and litigation. The foundation of Salvatori, Wood & Buckel is establishing lasting relationships based on proven expertise, trust and a dedication to personalized service. All this and our ability to collaborate effectively with you and other professional advisors means a complete and thorough approach for your legal matters.

Email: nbh@swbnaples.com Southeast Lending Group, Inc. 2100 Constitution Blvd Ste 163 Sarasota, FL 34231 Phone Number: 941-927-6518 Representative: Gary Ehlert Specialty: Southeast Lending Group, Inc. is a Florida licensed mortgage brokerage business providing conventional and nonconforming FHA loans and mortgage loan modifications. Over the past 20 years we’ve successfully worked with thousands of prospective and current homeowners offering honest and expert information resulting in outstanding service and competitive rates. Gary Ehlert, president and founder of Southeast Lending Group, is a recognized and respected residential loan professional.

Email: ehlert007@comcast.net Sunbelt Title Agency 3685 Bee Ridge Road Sarasota, FL 34233 Phone Number: 941-927-7000 Representative: Donna Grubbs Specialty: Buying or selling a home is not a routine test event. This may be one of the largest transactions you will ever experience. Having the best representation to handle your settlement, closing, escrow and provide you with title insurance is critical. We may only meet you once but we will be protecting your ownership rights for many years to come.

Whether you are a consumer, lender or real estate agent you deserve the best and as your title provider we expect you will receive just that . . . the best.

Email: donna.grubbs@trgc.com

Sarasota Realtor® Magazine

SEPTEMBER 2011

31

PRSRT STD U.S. POSTAGE PAID MANASOTA, FL PERMIT NO. 451

SEPTEMBER 2011 E DUCATION & E VENTS C ALENDAR

Aug. 29

Tuesday 31

30

5

Wednesday

6

7

7:30 a.m.

Toastmasters 9 a.m.

Technology Toolbox CE Seminar

Thursday Sept. 1

8 a.m.

Power Marketing (University Park CC) 9 a.m.

MLXchange Basic 1:30 p.m.

Entering & Updating

8

8 a.m.

Power Marketing (SAR) 9 a.m. iMapp 1:30 p.m.

CMA

2

9 a.m.

CID Commercial Marketplace

8:30 a.m.

RSPS Course—Hyatt 11:30 a.m.

Affiliate Smart Lunch 5 p.m.

Congress— Sarasota Hyatt

8 a.m.

Power Marketing (SAR) 8:30 a.m.

International Congress Sarasota Hyatt

19 9 a.m.

MLXchange Basic 1:30 p.m.

Entering & Updating

20

21

22

8 a.m.

Power Marketing (SAR) 10 a.m.

Photographer

9 a.m.

CID Commercial Marketplace

26

27

28

29

30

9 a.m.

COBA 5 p.m.

Affiliate Networking Loft Ristobar

8 a.m.

Power Marketing (SAR)

50 0

16

11:30 a.m.

SAR Annual Meeting— Troyer’s Dutch Heritage

23

9 a.m.

CID Commercial Marketplace

Note: All events/classes are at SAR, except where noted

My Florida Regional MLS Training

100

9 a.m.

CID Commercial Marketplace (offsite) 9 a.m.

Realtor Safety CE Seminar

14

8:30 a.m.

7:30 a.m.

CID General Toastmasters Membership 9 a.m. & 1:30 p.m.

Using MLXchange to Manage Time, Contacts

200

9

13

9 a.m.

Design Web Page 1:30 p.m.

MLX Advanced

250

150

12

9 a.m.

New Member Orientation 1 p.m.

Code of Ethics

15

Friday

The classes E & U (Entering & Updating), Tools, Design Web Pages, MLX Intro, MLX Advanced, iMAPP, Custom Reports and CMA are all My Florida Regional MLS training classes offered at no cost to MLS participants. All classes (except E & U) are HANDS-ON in the SAR Tech Center. Please register for all MLS classes at the MFRMLS website: http://mfrmls.com. Click on Education and Training.

Sarasota Association of Realtors®, Inc. 3590 S. Tuttle Ave. Sarasota, FL 34239

Monday

18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0

18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 Jul‐10

Aug‐10

Sep‐10

Oct‐10

Nov‐10 Dec‐10

Jan‐11

Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11

Days on Market 250

Jul‐11

Single Family Condo

200 150 100 50 0 Jul‐10

Aug‐10

Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11 May‐11

Jun‐11

Jul‐11

Single Family Condo

New Listings 900 800 700 600 500 400 300 200 100 0 Jul‐10

Aug‐10

Sep‐10

Oct‐10

Nov‐10

Dec‐10

Jan‐11

Feb‐11 Mar‐11

Sales Volume $180,000,000 $160,000,000 $140,000,000 $120,000,000 $100,000,000 $80,000,000 $60,000,000 $40,000,000 $20,000,000 $0

Apr‐11 May‐11 Jun‐11

Jul‐11

Single Family Condo

Sarasota Association of Realtors® MLS

Jul‐10 Aug‐10 Sep‐10 Oct‐10 Nov‐10 Dec‐10 Jan‐11 Feb‐11 Mar‐11 Apr‐11 May‐11 Jun‐11

Jul‐11

The Xtra Pages - Digital Version Only

Single Family Condo

Months of Inventory

Second Quarter 2011 Report Single Family Sales ‐ By Quarter

REO

Short

Arm's Length

1200 1000 800 600 400 200 0 2008‐Q4

2009‐Q1

2009‐Q2

2009‐Q3

2009‐Q4

2010‐Q1

2010‐Q2

2010‐Q3

* Homebuyer Tax Credit In Effect

Condo Sales ‐ By Quarter

2010‐Q4

REO

2011‐Q1

Short

2011‐Q2

Arm's Length

600 500 400 300 200 100 0 2008‐Q4

2009‐Q1

2009‐Q2

2009‐Q3

2009‐Q4

2010‐Q1

2010‐Q2

2010‐Q3

* Homebuyer Tax Credit In Effect

Single Family Median Sale Price

REO

2010‐Q4

Short

2011‐Q1

2011‐Q2

Arm's Length

$300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 2008‐4thQ

2009‐1stQ

2009‐2ndQ

2009‐3rdQ

2009‐4thQ

2010‐Q1

2010‐Q2

Condo Median Sale Price

2010‐Q3

REO

2010‐Q4

Short

2011‐Q1

2011‐Q2

Arm's Length

$350,000 $300,000 $250,000 $200,000 $150,000

Source: Sarasota Association of Realtors®

$100,000 $50,000 $0 2008‐4thQ

2009‐1stQ

2009‐2ndQ

2009‐3rdQ

2009‐4thQ

2010‐Q1

2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

Single Family Condo

REO Sales ‐ By Quarter 600 500 400 300 200 100 0

2008‐Q2 2008‐Q3 2008‐Q4 2009‐Q1 2009‐Q2 2009‐Q3 2009‐Q4 2010‐Q1 2010‐Q2 2010‐Q3 2010‐Q4 2011‐Q1 2011‐Q2 * Homebuyer Tax Credit In Effect Single Family

Short Sales ‐ By Quarter

Condo

400 350 300 250 200 150 100 50 0 2008‐Q4

2009‐Q1

2009‐Q2

2009‐Q3

2009‐Q4

2010‐Q1

2010‐Q2 2010‐Q3 2010‐Q4 * Homebuyer Tax Credit In Effect

Arm's Length Sales ‐ By Quarter

2011‐Q1

2011‐Q2

Single Family Condo

1200 1000 800 600 400 200 0 2008‐Q4

2009‐Q1

2009‐Q2

2009‐Q3

2009‐Q4

2010‐Q1

2010‐Q2

2010‐Q3

2010‐Q4

2011‐Q1

2011‐Q2

* Homebuyer Tax Credit In Effect

Source: Sarasota Association of Realtors®

Annual Sales ‐ 2000 to 2010 Single Family Single Family

Condo

Total

11267 10562 9697 8167 7603

7,596 7036

6533

6,841

6 504 6,504

6358

5,603

6739 6042

5,183

4,940 4,353

4,349 3,193 2,184

3 721 3,721

3 671 3,671

2,564

2,096

5820

2,005

4,626 3,922 ,

2,137

2,120 1,194

2000

2001

2002

2003

2004

2005

2006

5,466

2007

2008

1,556

2009

2010

Annual Median Sale Price ‐ 2000 to 2010 Condo

Single Family

$351,000

$342,000

$272,500 $305,000

$226,000 $172,500

$132,300

2000

$303,000

$210,000 $163,000

$230,000

$191,000

$142,000

$320,000

$301,225

$225,000

$191,000

$336,250

$173,000 $160,000

$145,000

2001

2002

2003

2004

2005

2006

2007

2008

2009

$163,000

2010